Summa Equity purchases Milarex

The GP acquired its 75% stake from founder Jerzy Malek, who will retain the remaining stake. Following the transaction, Jon Hindar, Summa Equity's industrial adviser and former CEO of trout and salmon farming corporate Cermaq, will become the new chair of the business.

A source close to the situation told unquote" that the deal was structured around a 2:1 equity-to-debt ratio.

According to a statement, the company expects to generate €100m in revenues in 2017. The GP aims to support the company's expansion internationally, beginning with the opening of a new office in Oslo.

The deal follows the recent SEK 4.5bn final close held in February 2017 for the GP's maiden vehicle, Summa Equity Fund I. The GP was launched in April 2016 by former Altor and Nordic Capital executives. The transaction is the sixth acquisition for the Swedish newcomer and the first outside the Nordic market.

Company
Established in 2016 and based in Slupsk, Poland, Milarex focuses on salmon processing for large retailers. According to a statement, the business has a presence in Germany, Poland and Italy.

The company started generating revenues in Q1 2016. It currently employs 500 people.

People
Summa Equity – Reynir Indahl (managing partner); Joakim Johansen (investment manager).
Milarex – Jerzy Malek (founder, CEO).

Advisers
Equity – PwC (financial due diligence); Cardo Partners (commercial due diligence); Wiersholm Mellbye & Bech (legal).

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• Buyouts
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